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AIM-listed gas explorer Coro Energy (LON:CORO) has seen its share price drop by 5.31% to 14:30 BST) after it booked a 61% increase in pre-tax losses for the year ended 31st December. The company completed the acquisition of Sound Energy’s Italian portfolio in April but, while the firm saw an increase in its revenues from that country over the year, its gross margins there dropped by 500 basis points.
The company’s chairman and chief executive issued a statement saying that: “With several transactions now signed in South East Asia, we are continuing to build momentum with a pipeline of accretive deals being developed to complement our initial asset acquisitions, which we will continue to work up the value curve“.